Students at Walthamstow School for Girls have thrown open the doors of their very own bank.
11-14 year olds have been trained by MyBnk to get fellow pupils into good financial habits by offering accounts and loans of up to £40. Using real money, their MyBnk-in-a-Box scheme opens once a week at lunchtime and is also accessible online.
“I opened an account today with £2 and I think it’s important to save so you don’t have to worry about your parents spending all of their money on you! I would like to buy things for myself and be independent”. Amy 12, young saver.
Also opening accounts on launch day were the Mayor of Waltham Forest, Saima Mahmud and our patron, broadcaster and campaigner, June Sarpong. Scores of young people deposited over £100 in a single lunch break.
The young bankers now will also run incentivised saving and enterprise start-up drives for their fellow pupils. This is backed up with financial education workshops covering everything from tax and pensions to student finance, supported by Prudential.
“At WSFG we believe that our girls should understand how banks work and understand how to manage their personal finances. We try to build in transferable and lifelong skills that they will use in their everyday lives, as well as ensuring that they achieve the very best academic achievements they can”. Marianna Philippou, Maths teacher, Walthamstow School for Girls.
Soon, Walthamstow will be joined by another London school bank, run by young people for young people. Savers bank on average £3.64 a week, 59% of their pocket money, an adult would bank £295 a week on an a £26,000 salary!
“The sooner young people are familiar with banking, the better they can develop sound financial habits like saving and navigate the system. We’re going all out for a generation that will have to make smarter financial decisions and create their own opportunities”. MyBnk CEO & Founder Lily Lapenna.
If you are interested in running the MyBnk-in-a-Box financial education programme in your school, get in touch via [email protected] or 0207 377 8770!